Has Your Trade Insurance Gone Up?

A familiar theme amongst brokers (not Think Insurance of course!) this year seems to be a rise in Motor Trade Insurance premiums. Why you may well ask? Well, there are several reasons and hopefully the details below may shed some light on them for you.

The simple truth is a lot of insurance companies have been making losses for the last couple of years. Several insurance companies have pulled out, are selectively pulling out, or are raising their premiums across the spectrum. An example of this is HSBC, with whom a lot of you were/are insured with. They pulled out last year leaving a giant hole, and many brokers the headache of placing this type of trade business this year for prices similar to last year – no easy task when HSBC were one of the cheapest insurers in the land!

Other insurance companies blame the rise in premiums on personal injury claims and fraud.This is not only true for your policies, but for the general public aswell. The AA states that the average comprehensive car cover rose a whopping 18 per cent in 2009 alone – with more rises in 2010 expected! (more…)